India has advanced its port-led growth strategy with PSA Mumbai, a subsidiary of Singapore-based PSA International launching phase two of its terminal expansion. Once completed, the terminal’s annual handling capacity will double to 4.8 million TEUs and the quay will be extended to 2,000 meters (6,560 feet), enabling it to accommodate ultra-large container vessels.

PSA International’s $1.3 billion investment in the terminal represents Singapore’s largest foreign direct investment in India to date. Located at Jawaharlal Nehru Port, PSA Mumbai handled over seven million TEUs in 2024, an 11% year-over-year increase.

The Chief Minister of Maharashtra noted the port is expected to handle over ten million containers annually and aimed to rank among the world’s ten largest ports.

Meanwhile, India’s economic momentum continues, with GDP growth reaching 9.2% in 2024. According to government data cited by Lloyd’s List, cargo handling rose 4.3% year-over-year, while container volumes increased 10% year-over-year, contributing to a 70% rise over the past decade.

However, new U.S. tariffs imposing a 50% duty on India-origin goods effective August 27 may impact export volumes and disrupt cargo flows through Indian ports.

Source: Maritime Executive, Lloyd’s List